Orrick has advised Verod Capital Management, a leading Nigerian private equity firm in its minority stake in education provider Greensprings Educational Services. Headquartered in Lagos, Greensprings offers pre-school, primary, secondary and postsecondary education. The company has two campuses in Nigeria, with 2270 students, as of 2017. This investment by Verod will go towards funding expansion plans which includes, growing student capacity, teacher training and the launching a special needs school.
Verod invests in growth companies across various sectors including education, financial services, consumer products, manufacturing and agribusiness. The firm has invested in 14 companies to date. The Greensprings investment is Verod’s sixth investment from its sophomore fund, Verod Capital Growth Fund. Verod typically backs small-cap deals, investing between $3m and $15m per transaction.
The Orrick team advising Verod was led by partner Weyinmi Popo and included partner Dominic O’Brien and associate Bolu Majekodunmi. Orrick are pleased to have advised Verod on this investment which will help to develop new opportunities for growth in Nigeria’s education sector.
The financial details have not been disclosed. The transaction is subject to customary closing conditions, including regulatory approvals.